Various types of watercraft anchoring devices are known in the prior art. However, very few watercraft anchoring devices work well in sandy and soft bottoms for smaller watercraft, such as kayaks, canoes, rowboats, stand up paddle boards, jet skis, and dinghies. In addition, existing watercraft anchoring devices for smaller watercraft that hold well in sandy bottoms are too large, too bulky, and too heavy for practical use and storage on the smaller watercraft and many of these devices also damage the smaller watercraft while the watercraft is in motion and bouncing in the water. Motorized watercraft typically store anchors onboard in either a storage bin or out in the open on the deck, while the smaller motorized watercraft have limited or no storage space for an anchor. Non-motorized watercraft, such as a kayaks or a stand up paddle boards, typically lack any storage space. Backpacks commonly used by the operators of non-motorized watercraft are too small for storing an anchor and, as a result, an anchor and the accessory anchor rope has to be carried along with other gear. At present, anchors commonly sold with non-motorized watercraft fail to stay positioned, which leads to frustration due to the constant need to reposition the watercraft or alternately tie up to other more stable watercraft or other immovable objects or, even further, tie the anchor ropes around the operator's hands thereby limiting the operator's ability to freely move in the water. In addition, existing anchors often require the non-motorized watercraft operators to go under water to set the anchor, particularly in rough water or in an area with a strong current. What is needed, and what the present foldable anchor provides, is a compact anchor which securely holds watercraft in place in sandy and soft bottom boating areas and which is also releasable from underwater objects, such as coral or rock, without damaging the environment.